A resolution appropriating $6,054,600 from the Unencumbered Fund Balance of the Schools Fund of the General Services District to the MNPS General Purpose Fund to provide additional operational funding for the Metropolitan Board of Public Education for fiscal year 2007-2008.

WHEREAS, Tennessee Code Annotated § 49-3-352 provides that any accumulated fund balance in excess of three percent (3%) of the budgeted annual operating expenses for the public education system for the current fiscal year may be budgeted and expended for any education purpose, but must be recommended by the board of education prior to appropriation by the local legislative body; and

WHEREAS, on Friday, June 29, 2007, the Metropolitan Board of Public Education unanimously voted to request the Metropolitan Council to appropriate $6,054,600 from the schools unencumbered fund balance to fully fund the schools’ 2007-2008 operating budget needs; and

WHEREAS, on July 3, 2007, the Metropolitan Board of Public Education sent a letter to the Chair of the Council Budget and Finance Committee requesting a supplemental appropriation in the amount of $6,054,600 from the MNPS fund balance, a copy of which letter is attached hereto and incorporated herein by reference; and

WHEREAS, the Council now desires to appropriate these funds from the schools unencumbered fund balance for the benefit of the Board of Public Education.

NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. There is hereby appropriated the sum of Six Million Fifty-Four Thousand Six Hundred Dollars ($6,054,600) from the Unencumbered Fund Balance of the Schools Fund of the General Services District to the MNPS General Purpose Fund (Fund Number 35131) to provide additional operational funding for the Metropolitan Board of Public Education for fiscal year 2007-2008.

Section 2. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.